Form 4: Blue Foundry Bancorp EVP Reports Share Vesting, Tax Withholding

Blue Foundry Bancorp's EVP and Chief Legal Officer, Elyse D. Beidner, reported the vesting of performance shares and subsequent tax-related share disposals.

Summary

• Elyse D. Beidner, EVP and Chief Legal Officer of Blue Foundry Bancorp, reported transactions on March 25, 2026.
• Acquired 7,500 shares of common stock due to the vesting of performance shares at target, related to the Agreement and Plan of Merger by and between Fulton Financial Corporation and Blue Foundry Bancorp.
• Disposed of 12,297 shares of common stock at a price of $13.6435 per share to satisfy tax obligations.
• Following these transactions, direct beneficial ownership of common stock is 16,998 shares.
• Indirect beneficial ownership includes 20,000 shares via a 401(k) and 11,772 shares via an ESOP.
• Holds 55,000 stock options with an exercise price of $11.69, which began vesting ratably for seven years starting October 19, 2023, and expire on October 19, 2032.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this filing as moderately positive, reflecting the successful vesting of performance shares, which suggests the achievement of merger-related targets. The tax-related sale is a standard event and does not indicate negative sentiment from the executive.

Positives

• Vesting of 7,500 performance shares indicates achievement of performance targets related to the merger agreement between Fulton Financial Corporation and Blue Foundry Bancorp.
• The executive continues to hold a significant number of shares (16,998 direct, 20,000 via 401(k), 11,772 via ESOP) and 55,000 stock options, aligning her interests with shareholders.

Negatives

• Disposal of 12,297 shares of common stock to cover tax obligations reduces the executive's direct shareholding.

Future Outlook

No specific future outlook or guidance is provided in this Form 4 filing.

Industry Context

StockSavvy.ai notes that Form 4 filings are standard disclosures for insiders reporting changes in their beneficial ownership, providing transparency into executive stock transactions. The vesting of performance shares is a common component of executive compensation packages, often tied to achieving specific corporate milestones or financial targets, as seen here with the merger agreement.

Comparison to Industry Standards

• Not applicable, as this Form 4 reports individual executive transactions rather than company-wide financial or operational results that would be benchmarked against industry peers.

Related Party Transactions

• Vesting of performance shares and subsequent tax withholding are standard compensation-related transactions between the executive and the company.

Stakeholder Impact

• Shareholders: The vesting of performance shares indicates that the company met certain performance criteria, which is generally positive. The executive's continued significant holdings align interests with shareholders.
• Employees: The ESOP holdings indicate broader employee ownership opportunities within the company.

Next Steps

• Continued vesting of the 55,000 stock options ratably over seven years commencing October 19, 2023.

Key Dates

Recommendation

This Form 4 details routine executive compensation events, specifically the vesting of performance shares and subsequent tax-related sales, along with existing stock option holdings. It does not present new information that would fundamentally alter the investment thesis for Blue Foundry Bancorp, thus a 'hold' recommendation is appropriate as it neither signals strong positive catalysts nor significant negative concerns.

Keywords

Blue Foundry Bancorp, BLFY, Form 4, Insider Trading, Stock Options, Performance Shares, Executive Compensation, Share Vesting, Tax Withholding, Fulton Financial Corporation Merger